Loyalty Saver Loan
If you have savings with us that you don’t want to withdraw, are aged 18 or over, have been a member of the Credit Union for at least six months and have saved on a regular basis, and want to borrow an amount less than your savings with the Credit Union and up to £10,000, we offer a Loyalty Saver Loan at the reduced interest rate of 0.5% per month, 6.2% APR.
LOYALTY SAVER LOAN (Representative examples)
Loan |
Term (months) |
Monthly repayment |
Total cost of credit |
Total repaid |
Interest rate (APR) |
£2,000 | 24 | £88.64 | £128 | £2,128 | 6.2% |
£5,000 | 36 | £152.11 | £476 | £5,476 | 6.2% |
At all times your savings with the Credit Union must remain greater than your outstanding loan balance.
You may only apply in branch for a Loyalty Saver Loan. You can download and complete a Loan Application Form or pick up a loan application form from one of our branches. When we issue your loan agreement we can provide a paper copy for you to sign physically or we can send it to you by email for you to sign electronically using our e-Sign service. Before your loan is issued we will ask you to provide evidence that you have made arrangements for regular electronic loan repayments.
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Lewisham Plus Credit Union Limited is a member of the Financial Services Compensation Scheme (FSCS), complies with the Data Protection Act 1998 and is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number 213588. Credit Union Registration Number 295C (IP00295C at Companies House).